Given that the AOFM’s RMBS purchase program seems to be a growing in importance, I thought it might be useful to see what sort of mortgage backed securities they are able to buy. I found this in a September 2010 investor presentation:
Low doc loans? 10 year I/O loans? Once upon a time the AAA rating requirement would have dispelled any concerns about these types of instruments, but I thought those days were long gone.
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